Reaching out to the target audience is always a big challenge for startups. They do not have a tried and tested marketing strategy, as a brand, although individuals working in them might be experienced professionals. A startup could have a very modest budget, or even when it has got decent funding, it has to report to investors about every buck spent. Being a newbie, they do not have an established identity or a brand value to cash on. So, it becomes vital that startups utilize their marketing budget wisely.
One fear that startups always have is not getting returns on investments within an acceptable timeframe. Very seldom such timeframe would be a long duration, for startups don’t have long term strategies, at least in their initial years. And that is where social media comes in handy as a marketing channel. Below is an illustration of how social media turns out to be convenient and allows startups to eliminate some of their worries.
Social media does not have boundaries. It is accessible from everywhere, so its users are present across the globe. Hence, marketing on a social media platform gives advertisers the global reach. For example, running a billboard advertising campaign in a first world country can cost a startup in an under-developed/developing county, dearly. But, showing an advertisement on a social media platform in the same country can be accomplished at a fraction of the cost, which is a great benefit for startups.
Social media provides tools for narrowing down the scope of marketing campaigns. Platforms like Facebook, for example, allows setting demographics, wherein one can target their ads to a specific age-group, gender, or region, along with many other parameters. That allows advertisers to ensure that their funds are spent only on potential buyers, leaving out the irrelevant viewers. That sort of extensively precise targeting is essential for enterprises like startups, who often work with tight budgets.
Social media platforms are all about instant user activity. Be it a Facebook like, re-tweet, or DM, a majority are performed on the go. A person may not respond to an e-mail or handbill immediately. But, it is very convenient to respond to a call-to-action item like a button or comment on a post to stand a chance to win a prize. As a result, it does not take much of a time to figure out whether a social media campaign is succeeding in getting potentials consumers interested or not. If not, then the advertiser can identify it quickly and alter the strategy as necessary, saving financial resources from getting wasted. That advantage is vital for startups, for which finances are a great concern.
Social media platforms provide a lot of statistics about campaigns. Ready stats are a huge advantage for startups, which very rarely have spare human resources. Analyzing marketing campaigns and driving meaningful statistical insights can become a tough task, especially when multiple advertisement channels are used, and multiple campaigns are executed. That would require a lot of time and effort. Startups can’t afford that. So, having ready insights is a huge plus.